Sell off of US$ continues – Tuesday

The selloff of US dollars continued in forex market activities on Tuesday. While dealers raised the average buying price by $1.26 to $127.92 for the US dollar, up from $126.72 on Monday, the rate was still lower than the J$128.42 they paid on Friday.
While US currency purchases, accounted for only US$15.82 million on Monday it climbed to US$40.33 million on Tuesday. Dealers sold US$43.46 million at an average rate of J$128.87 versus J$129.06 for US$30.04 million previously.
Inflows of all currencies into Jamaica’s forex market that slipped to only US$20.95 million on Monday rose to US$48.99 million, while dealers sold US$51.71 million versus US$33.91 million, previously.
The selling rate for the Canadian dollar dipped to J$103.25 from J$103.78 at the close on Monday. The British Pound slipped to J$168.13 for buying the British currency versus J$169.55 on Monday and the euro just inched lower in value against the Jamaican dollar, to J$151.18 to buy the European common currency, versus J$151.19 previously.